U.S. economy down, but resale store numbers up

Since the stock market plummet of September 2008, nothing seems to surprise us. We now live in a world where the word "failure" to describe business is almost as common as the cold.

But, one market is thriving despite the economic downturn- resale stores. A quick Google search shows more than 20 stores in Kalamazoo, suggesting that consignment shops are flourishing while everything else seems to be falling flat.

Why, you ask? People just don't have room in their wallets for Gucci and Chanel. In fact, Michigan's unemployment rate rose to 12 percent in February, and it is estimated that the worst is far from over, according to the labor market statistics on michigan.gov.

You wouldn't know it from the looks of Plato's Closet, a local consignment shop on Westnedge Avenue in Portage. As I strolled down the aisles of endless jeans, dresses and shoes, the store could not have been fuller. There was a line of hopefuls out the door looking to sell back for cash - and even more hope in the eyes of those scouring the racks for deals.

People are losing their jobs and homes; many are in need of fast cash and resale stores are there to fill the gap. Compared with a staggering 49 percent drop in General Motors retail sales, consignment shops may be the success story of the future.

"Why not shop at a re-sale store?" one shopper told me. "It's a great place to get deals and with the economy the way it is, no one is willing to pay full price."